Quick take:
The cryptocurrency trading platform of KuCoin has announced
that it has raised $150 million in a pre-series B funding round at a $10 billion valuation. Jump Crypto led the funding round with additional participation by Circle Ventures, IDG Capital, and Matrix Partners.According to the team at KuCoin, the influx of capital will be utilized by the exchange to ‘go beyond centralized trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi, and NFT platforms.’
The expansion will be achieved through its investment arms of KuCoin Labs and KuCoin Ventures. The KuCoin Chain (KCC
) built by its community will also play a significant role as part of the infrastructure for deploying a decentralized ecosystem.KuCoin also intends to leverage the funds raised in the Pre-series round to achieve the following:
Tak Fujishima, Head of Asia, Jump Crypto, further reiterated KuCoin’s vision through the following statement:
KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we’re proud to lead this round.
We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive yield generation to support the growth of Web 3.0 and the crypto markets.
[Feature image courtesy of KuCoin.com]